Telephone And Data Systems Reports Profit In Q3 Excl. Spectrum License Impairment; Revenues Down 4%

(RTTNews) - Telephone and Data Systems (TDS) posted a third quarter net loss to shareholders of $83 million or $0.73 per share, compared to a loss of $17 million or $0.16 per share, a year ago. Excluding UScellular wireless spectrum license impairment, net income attributable to TDS shareholders was $2 million or $0.01 per share, for the third quarter of 2024. The impairment loss was substantially all related to the retained high-band spectrum unit of accounting which includes the 28 GHz, 37 GHz and 39 GHz frequency bands. On average, three analysts polled by Thomson Reuters expected the company to report a loss per share of $0.18, for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues were $1.22 billion for the third quarter of 2024, compared to $1.28 billion, last year. Analysts on average had estimated $1.25 billion in revenue.

LeRoy Carlson, Jr., TDS President and CEO, said: "UScellular's third quarter results show that the company is continuing to balance subscriber growth with financial discipline. And while it had postpaid handset net losses in the quarter, the company saw a notable year-over-year improvement in its subscriber trajectory. TDS Telecom is implementing its ongoing fiber expansion strategy and it reached a milestone of 50% of its service addresses passed with fiber."

Shares of Telephone and Data Systems are down 4% in pre-market trade on Friday.

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